Manager, Money Movement & ACH Operations

Job Description

Varo is on a mission to redefine banking so it's easy for everyone to make smart choices with their money. Our app offers bank accounts and high-yield savings accounts that don’t cost a thing, tools to help you manage your money and save automatically, and invitation-only personal loans at competitive rates. On the contrary, traditional banks charge fees, offer next-to-nothing savings rates, and don’t work with their customer’s best interests in mind. Varo is distinct from other fintechs: With preliminary approval for a bank charter from the Office of the Comptroller of the Currency (OCC), we're on our way to becoming the first mobile-centric national bank in the country. Our unique team combines the best people in tech and banking, and we’re wildly passionate about keeping our customers happy by helping them manage and grow their money. Based in San Francisco and privately held, Varo has raised $189M to date, led by Warburg Pincus and The Rise Fund / TPG Growth. ABOUT THE OPERATIONS TEAM Varo is here to change the banking industry. We work hard to create the best personal banking experience possible. We’re responsible for building a lasting relationship with our customers; they know we care about helping them grow! We’re accountable for all service channels that we use to communicate, respond, and interact with customers. This includes digital, voice, and social media servicing. We also support all of Varo’s banking features such as deposit accounts, savings accounts, account aggregation, lending products, and many more to follow. WORK WE'VE DONE AND WHERE WE'RE GOING We’re designing a best in class servicing strategy that fits the lifestyle of our target customers. Come and help us bring that strategy to life! Our Move Money team is just being formed; you’ll have the opportunity to learn, design, and build something amazing. We need people who are excited to solve problems and build the bank of the future! WHAT YOU'LL DO Reporting to the Director of Money Movement and ACH Operations, you will manage the daily money movement processes with oversight of ACH and wire processing, reconciliation of vendor settlements ACH and check returns and completing the exception processing for ACH.

We’re Looking For A Manager of Money Movement & ACH Operations Who Will:

• Manage daily money movement processes and support team members with training and escalation.
• Manage the Bank’s ACH risk management process in concert with OCC guidelines, NACHA ACH rules and those payment system risks required by the Federal Reserve which include daylight overdraft balances, reserve requirements and suspicious ACH and check transactions.
• Manage ACH, wire and returns deadlines and ensure final settlements have occured before Federal Reserve closing..
• Manage internal and external controls for payment processes, escalate and resolve payment issues while keeping management in the loop..
• Provide employee training for ACH and check processes and support Call Center, Fraud and Back Office employees with required ACH and check processes. Partner with the teams to resolve payment issues.
• Analyze and make recommendations to money movement processes and pitch these ideas to the Bank’s management team.
• Partner and collaborate with Accounting Services to ensure transactions are reconciled correctly to bank statements before they are posted to the Bank’s GL.
• Build effective working relationships with internal and external stakeholder - VARO Money, Federal Reserve, regional payments associations and those vendors crucial to VARO Money Bank.
• Work with the Director of Money Movement to implement payment processes/procedures to improve/enhance customer service and enhance money movement.
• Support the annual NACHA Audits and ACH Risk Assessments acting as the point of contact for all required items across the businesses, sample size collections for the NACHA auditors, policies, procedures, data security assessments and managing the action items resolution process to completion.

Previous Experiences That Will Help You Be Great:

• Strong understanding of ACH and Fed wire payment processes, ACH formats and payment platforms (Zelle, Cash App., Venmo, etc.)
• Experience with Federal Reserve products and services.
• Active AAP (Accredited ACH Professional) and/or APRP (Accredited Payments Risk Professional) certification is required.
• Knowledge of the U.S. Payment system, ACH and wire clearing processes and understand best practices for risk mitigation.
• Experience driving NACHA Audits and ACH Risk Assessments.
• Knowledge of banking industry regulations and operational best practices
• Strong network of similarly-skilled professionals who will follow you to Varo (referral bonus!)
• Strong, clearly demonstrated leadership skills
• 3+ Years of management experience required; 5+ preferred.
• College degree with 5+ years financial operations experience

Varo Core Values

• Customer First
• Take Ownership
• Respect
• Stay Curious
• Make it Better

Learn more about Varo by following our: Facebook - https://www.facebook.com/varomoney/ Instagram - https://www.instagram.com/varomoney/ LinkedIn - https://www.linkedin.com/company/varo-money-inc./ Twitter - https://twitter.com/varomoney Engineering Blog - https://medium.com/engineering-varo We hope to hear you say, "I'm in." Apply for this job